GBP/USD stages a minor recovery, staying bid

By FXStreet FXStreet (Guatemala) – GBP/USD is currently seeking out the 1.55 handle having rallied yesterday through key levels on the 1.52 handle, up through the 55 DMA and 200 DMA with the 50 DMA coming in as support now. GBP/USD actually got a lift from EUR/GBP supply and it scored a high of 1.55/0710 in London and again in the US shift.

Data wise, we have mostly been monitoring the US today with the CPI’s surprising to the upside that gave the greenback a little lift, but any gains were soon sold into putting the cable bulls back in the driving seat.

Fed’s Dudley spoke among others, but as usual markets turned to Dudley as a key source for insight into whether the Fed will hike this year or not. However, it seems not on mixed outlooks while he is still concerned about the economy. We now await Fed’s Mester.

GBP/USD levels

Technically, the top of the cloud at 1.5492 is under pressure here and scores higher on the 1.55 handle brings in the top of Aug-present’s range of 1.5690. Karen Jones, chief analyst at Commerzbank explained that dips will find nearby support at 1.5405/1.5355 today, …”but we note the …read more

Source:: FX Street